BK question again.
Date: Wed, 05/06/2009 - 07:07
What do you mean better? Both are negative in terms of credit.
What do you mean better? Both are negative in terms of credit. Chapter 7 is quicker and you can get on with your life and rebuilding your credit faster. With chapter 13 you repay part of your debt.
chapt 7 is quicker??how so...chap 13 i dont mind if it gives me
chapt 7 is quicker??how so...chap 13 i dont mind if it gives me a chance to fix it all.
Chapter 7 is quicker because it will discharge sooner than a Cha
Chapter 7 is quicker because it will discharge sooner than a Chapter 13. Chapter 7 doesn't require that you pay the debt back and will discharge 3 to 6 months after filing. Chapter 13 requires you to pay a portion of the debt back in 3 to 4 years. Chapter 13 doesn't discharge until have you've completed the repayment plan.
In some cases you don't have a choice. I believe they go through a means test to see which one you qualify for.
Even though bankruptcy will stay on your credit for 10 years, some lenders require the bankruptcy to be discharged for 3 years before they will lend again.